- Eyewa raised $100 million in a Series C round led by General Atlantic, with participation from Badwa Capital and Turmeric Capital.
- The funding will support R&D, talent acquisition, and the opening of 100 new stores in 2025 across the GCC.
- The company aims to expand its presence in Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman.
- Eyewa has grown rapidly since its 2017 founding and launched its first physical store in December 2020.
UAE-based eyewear retailer, Eyewa, has successfully secured $100 million in its Series C funding round. The round was led by General Atlantic, a prominent global growth investor, with additional participation from Badwa Capital and Turmeric Capital.
This significant funding boost will help Eyewa expand its operations and solidify its position as the leading online eyewear retailer in the Middle East.
Eyewa was founded in 2017 by Mehdi Oudghiri and Anass Boumedien and it has rapidly become the largest online eyewear retailer in the Middle East. Headquartered in Riyadh and Dubai, the company has experienced remarkable growth, fueled by its customer-first approach, strong e-commerce capabilities, and a robust physical store presence across the region.
With the successful completion of its Series C funding round, Eyewa is now preparing to further accelerate its expansion plans, which include the opening of new stores and the construction of a cutting-edge production hub in Riyadh. This is a pivotal moment in the company’s journey, marking a new phase in its mission to revolutionize the eyewear industry in the region.
Strategic Use of the Series C Funds
The $100 million raised will play a crucial role in propelling Eyewa’s growth and future objectives. The funds will be used for several key initiatives, including research and development (R&D), talent acquisition, and the opening of at least 100 new stores in 2025.
The company aims to strengthen its presence in the Gulf Cooperation Council (GCC) region, which already includes over 150 locations. The expansion will further solidify Eyewa’s brand in established markets such as Saudi Arabia and the UAE, while also increasing its presence in Kuwait, Bahrain, and Oman.
Additionally, Eyewa will invest in the development of innovative products tailored to meet the needs of local customers. With these new investments, the company plans to continue pushing the boundaries of the customer experience and solidify its reputation as an omnichannel retailer.
Eyewa’s Groundbreaking Production Hub in Riyadh
One of the most exciting aspects of this funding is the opening of Eyewa’s new production hub in Riyadh.
Scheduled to open in the first quarter of 2025, this state-of-the-art facility will be fully integrated and will include an extensive warehouse space, a fulfilment centre, and a lens manufacturing unit.
The hub will be owned and operated by Eyewa, which will enable the company to gain a competitive advantage in terms of speed and efficiency in delivering high-quality products to the market.
The move to establish a local manufacturing and distribution facility highlights Eyewa’s commitment to improving its supply chain operations, reducing delivery times, and enhancing overall customer satisfaction. This facility will also help the company meet the growing demand for its products in the region while maintaining the highest standards of quality.
Eyewa’s Leadership Team Reflects on the Success
Anass Boumediene, Co-Founder and Co-CEO of Eyewa expressed the company’s pride in the confidence shown by global and regional investors. He emphasized that this success in securing Series C funding is a reflection of Eyewa’s innovative business model and the spirit of entrepreneurship prevalent across the region’s startup ecosystem. Boumediene also noted that the funding would allow Eyewa to dream big and continue disrupting the eyewear industry.
Similarly, Mehdi Oudghiri, Co-Founder and Co-CEO, attributed the company’s success to its strong team and commitment to challenging convention. He highlighted that the additional capital would help Eyewa continue its mission to offer innovative eyewear products and enhance the customer experience across the region.
Abdullah AlRugaib, Co-Founder and Managing Director, emphasized the company’s mission to make eyewear accessible to everyone, everywhere. He noted that with the support of new partners, Eyewa would be able to expand its retail footprint to all corners of the GCC.
AlRugaib further highlighted how Eyewa’s combination of e-commerce and physical stores, along with a tech-enabled supply chain, makes it the retail platform of choice for customers in the region.
Investors Express Confidence in Eyewa’s Growth Potential
Several key investors in Eyewa’s Series C round have also shared their excitement about the company’s future growth.
Ziyad Baeshen, Vice President at General Atlantic and a board member at Eyewa, praised the company’s product-led, customer-first approach, which emphasizes style, quality, and affordability. He noted that the company’s impressive growth trajectory thus far speaks to both the visionary leadership team and the consumer appetite for direct-to-consumer eyewear brands in the Middle East. Baeshen expressed confidence that Eyewa is well-positioned to lead the eyewear market in the GCC and beyond.
Abdulaziz Alfalih, Partner at Badwa and a board member at Eyewa, shared his admiration for the team’s clear vision and execution capabilities. He expressed excitement about continuing to work with the leadership team and supporting the company’s growth in the coming years.
Fabio Andreottola, Partner at Turmeric Capital and board member at Eyewa, also expressed his pride in supporting the company during this pivotal phase. He emphasized that Eyewa represents the innovation and ambition driving the Middle East’s retail landscape.
Eyewa’s Omni-Channel Transformation
Since its founding in 2017, Eyewa has undergone a transformational journey that has made it a leading force in the region’s eyewear industry. The company launched its first physical store in December 2020, which marked a significant shift towards becoming an omni-channel retailer.
By blending e-commerce with physical stores, Eyewa has been able to meet the evolving needs of its customers, offering them the convenience of online shopping combined with the personal touch of physical stores.
Additionally, Eyewa has nurtured sub-brands like The Optical Club, which offers more affordable and simplified eyewear options. This strategy has allowed Eyewa to cater to a broader range of customers and continue growing its presence in the region.
Eyewa’s Ambitious Future
With the backing of its Series C investors and the upcoming launch of its Riyadh production hub, Eyewa is set to maintain its leadership in the eyewear market. The company’s ongoing investment in technology, innovation, and customer experience will help it meet the ever-growing demand for quality eyewear products in the GCC and beyond.
As Eyewa continues to break new ground, it is poised to redefine the eyewear industry in the Middle East, providing customers with affordable, stylish, and high-quality products, all while enhancing the overall shopping experience.
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Last Updated on November 28, 2024 by Safiya K
